Final answer:
A renewable term policy is a type of insurance policy where the insured has the option to renew the policy at the end of the term. The renewal is at the insured's option, making statement b incorrect. The insured does not need to provide proof of insurability for renewal, making statement c also incorrect. Renewable term policies may have an age limit, making statement d incorrect.
Step-by-step explanation:
A renewable term policy is a type of insurance policy where the insured has the option to renew the policy at the end of the term. The renewal is at the insured's option, meaning it is their choice to continue the policy or let it lapse. Therefore, b. Renewability is the insurer's option is an incorrect statement about this type of policy. The insured does not need to provide proof of insurability for renewal, so c. The insured must provide proof of insurability is also an incorrect statement. Lastly, d. Renewable term policies never have an age limit is incorrect, as renewable term policies may have an age limit set by the insurer.